Euro Chat with Joe Ross

Chat log from: Wednesday, June 25, 2008

 

JoeRoss joined.

 

Maria joined.

JoeRoss

Hi Maria.

Maria

Wow, is this really you Joe?

JoeRoss

This is me, Maria.

JoeRoss

With no one else here so far, you can get a private seminar.

Maria

How are you Joe?

JoeRoss

I'm fine Maria, how are you?

 

SusanV joined.

SusanV

Oops, that's kind of a small group so far

Maria

Doing fine and thank you for offering the private seminar. How much is it?

JoeRoss

Right now it is free. Just you and me, so ask whatever you want to know.

Maria

You are so kind. Here it goes....

JoeRoss

But a real private seminar is $1,500/day.

Maria

No kidding.

JoeRoss

No kidding.

JoeRoss

Where are you, Maria?

Maria

You're cool.

Maria

In Italy land of paradise.

JoeRoss

Well then, CIAO.

Maria

Very good and any other words in italian for me?

JoeRoss

No, I only know a few.

JoeRoss

I can say buona sera.

Maria

Alright then, are you in Texas?

JoeRoss

But maybe I didn't spell it right.

JoeRoss

I am in Texas.

JoeRoss

And susanV is in Texas, too.

Maria

On the contrary, it is spelled perfectly!!!!!!!!!!!!!. Congratulations.

JoeRoss

:-)

Maria

Can we set up a chat through Skype as a conference call or something?

JoeRoss

Yes we can. In fact, I have taught a lot of people that way.

JoeRoss

Last week I tutored a guy in Africa. I've also done Germany, and Italy.

Maria

That would be amazing, but I mean right now.

JoeRoss

Right now I have to stay here until 1 hour has passed.

JoeRoss

Then I have a student with me here in Texas, so I have to get back to him.

JoeRoss

We are on our lunch hour.

Maria

So let's just do it.

JoeRoss

If you will talk to me on SKYPE tomorrow at 6PM I will be happy to talk to you.

JoeRoss

6PM your time.

JoeRoss

I can make a few minutes to talk.

 

zendre joined.

JoeRoss

Hi zendre..

Maria

Do you really mean that? I just can't wait.

zendre

Hi Ladies and Joe.

Maria

Thank you Joe. You can count on me to give you a call tomorrow. OK, then?

JoeRoss

Ok Maria.

zendre

Any news on trading ? :-)

JoeRoss

Nothing special today, unless you want to short Lehman Brothers.

Maria

Zendre, may I ask what you trade?

zendre

Spreads and write options when I have time to follow them.

zendre

Do they (LM) go bankrupt?

zendre

And you Maria?

JoeRoss

Lehman Brothers will be saved by the government, or by a buyout.

 

fabio.it joined.

Maria

I trade stocks.

Maria

Ciao Fabio, come stai?

fabio.it

Ciao Maria... bene... ci siamo già sentiti?

fabio.it

Hi everybody.

JoeRoss

Hi Fabio, come va?

Maria

Non lo credo, pero mi trovo a Sestri Levante, e tu?

fabio.it

fine Joe.. and you... i'm working to trading for a living from next August.

fabio.it

maria- non molto lontano da te... parma

zendre

Fabio: What is your main focus?

JoeRoss

I'm fine, fabio. That's great to hear that you will be trading for a living.

Maria

Molto bene.

fabio.it

zendre:-everything that makes money.

zendre

Printing machines?

zendre

:-)

fabio.it

Joe - yes but i'm little scared... i hope everything will go well.

Maria

Fabio, do you trade stocks?

zendre

Fabio, it would be great if we could share your experience-feelings
during the first 3-4 months

zendre

You could start writing a blog.

fabio.it

maria - no actually... i did it in the past... now i trade mainly dax,
crude oil and spreads.

zendre

How long have you been trading profitably?

Maria

How is your progress coming along Fabio?

fabio.it

maria - do you trade futures?

Maria

I used to trade some futures markets.

fabio.it

Joe - any advice about trading for living? (not "don't lose your money"
-- you already said it to me)

Maria

Joe, I've been watching the markets for over 10 years now.
Do you trade stocks Joe?

zendre

Now I know, because the "Azurri" are out of the soccer EU championship,
the Italian traders can concentrate on trading :-)

fabio.it

maria - i trade from many years, but it is only 1 1/2 year - i trade strictly
with Joe's teachings.

 

Joy joined.

SusanV

We have Joy back :-)

JoeRoss

Maria: Sometimes I trade stocks. Right now I'm in EWH.

Joy

Hi SusanV! How are you?

SusanV

Doing fine :-) Hope so are you.

fabio.it

zendre - i take care more to my business than "azzurri" -
they gains millions of euros... ::smile

JoeRoss

fabio: If you write me an email, I will answer trading for a living more
in detail. support@tradngeducators.com.

Joy

Joe: I am sorry to be late - I am in transit for a business trip and on
a shuttle out of the DC area. Sorry if my connection goes in and out
and causes disturbance for the chat.

fabio.it

maria send me an email tomorrow... so i put you in my address book...
you too zendre.

JoeRoss

Hi Joy

fabio.it

Ok joe... thank you very much... tomorrow i will do it.

fabio.it

Hi joy my friend.

zendre

Gold and silver got into a trading range. What do you think
what time they will break out and what direction?

Maria

Ok Fabio.

Joy

Hi Joe, I hope you got through all of your emails.

Joy

Ciao Fabio my friend!

JoeRoss

zendre: I don't know which way gold and silver will break out.
Most people think to the upside. I think, "I don't know."

JoeRoss

I finally got through all my emails, Joy.

Maria

Joe, I have a stock I am looking at. The symbol is EXTR.
What a strong long base this is. The breakout should bring
some nice surprises. What's your opinion Joe?

Maria

I'm looking at all time frames, especially the monthly chart.

zendre

Another question: CL seems to make a top with extremely volatile days.
Any trading ideas to use it? I would write options but I did nor try
it yet on IB. Any experience?

JoeRoss

Maria: I don't know much about Network companies but I agree there is
a very large base and should probably go higher.

zendre

I just gave a sell order for Aug CL 160 Call on IB, and it was accepted!!!

JoeRoss

Maria, what happened to bring this company down? It was $130 at one time.

Joy

Wow, what is the premium, zendre?

JoeRoss

zendre: IB didn't do crude oil options the last time I looked. But CL does
seem to be putting in a top. I would wait for a breakout and then a hook.
Should go to at least 105. But you might also consider an at-the-money
long straddle. Then drop the weak side if a breakout comes.
I would be afraid to sell any crude oil option at this point.
There is no telling what will happen when the idiotic U.S. Congress meets about regulating trading in crude oil.

zendre

I put my sell order at 0.5 Bid was 0.34, Ask was 0.54

fabio.it

zendre - on crude, see at 5 min time frame and wait for a clear cut
pattern; then enter a stop limit order with bracket
(20 ticks profit and 20 ticks stop loss). More often than not you will be right...

Maria

Joe, I am strictly a technical trader and don't look much at fundamental
information. So I'm looking at what's happening now relative to that past
which will have some bearing on what happens in the future.

zendre

Joe have a look they do now! Great opportunity for you.

JoeRoss

zendre: good to know. They said they were going to have the NYMEX
options, so i guess they have them now. But that is a terrible bid/ask spread.

zendre

http://www.interactivebrokers.co.uk/contract_info

zendre

Yes, Nymex

zendre

Being me so kind and informative :-) Joe: you could share your first 3 CL
option writing with me.... :-)

Maria

Joe, on average, for how long do you hold a stock position?

JoeRoss

Maria: EXTR doesn't look all that great to me. With all the stocks out there, can't you find something better?

Joy

Joe: What is the time frame you are thinking for the CL $105? July?

JoeRoss

Maria: It depends on the stock and what I'm trying to accomplish. On EWH, I am looking at 12-18 months for a 70% return.

JoeRoss

Joy: By the end of the year if it goes down. But CL could go up.

zendre

These nasty market makers: just pulled the bid-ask; that way that my order could not be filled by other individuals.

Joy

Thank you Joe! It seems zendre's call is safe!

fabio.it

maria - did you attend any Joe Ross' seminars?

zendre

I sometimes used this against them. I started bidding when I wanted to sell. They start covering my order moving the bid-ask , and that time I take the ask and remove my bid :-)

JoeRoss

zendre: If I ever do some CL options and I remember your request, I will be happy to share.

fabio.it

zendre you are a fox

Maria

Yes, I realize there are other stocks out there that are more active and I have them on my list. As a matter of fact they just had a nice strong breakout to the upside, so a fresh new trend is beginning. I just brought up EXTR because I thought it was interesting.

Joy

Joe: What do you think of the potential outcome of the crude oil congress hearing this week? Do you think they will put limitations on small traders?

Maria

Fabio, no but I read one of Joe's books.

JoeRoss

Joy: Those people are insane. There is no telling what they will do. I just hope this isn't the camel putting his nose under the tent.

fabio.it

domani scrivimi che poi ne parliamo.

Joy

Yes, the hearing was outrageous - shocking claims.

Joy

zendre: Do you use your bid/ask technique just for NYMEX orders (i.e., the crooked NY market player) or in general with IB?

Maria

Va bene Fabio.

Maria

Fabio, please retype your email address.

zendre

Mainly the Nymex bid-asks are very wide. It also helps sometimes in ECBOT illiquid meat spreads.

Joy

That is very smart, zendre! Thank you for sharing!

Joy

Joe: I have a general question on the softs some of which have been going up lately. Is there a collective external factor (i.e., weak US dollars or high oil price) that drives the up trend? Or is it more individual market driven, i.e., sugar because of strong ethanol demand?

fabio.it

joe-it seems good to me ZWZ08-ZSX08. After a long plunge and a consolidation it begins go north.... also seasonality helps... what do you think about?

zendre

What do you think about Bonds. It seems like it reached a temporary bottom.

JoeRoss

Joy: Cotton is being hurt by high hot winds in Texas. Sugar in the U.S. is not used for ethanol. But Cane growers are unable to compete with sugar outside the U.S. U.S. sugar is subsidized by high tariffs. Of course everything is suffering from a falling dollar and high oil prices.

zendre

Fabio: are you Andy's Traders Notebook subscriber?

fabio.it

Not now but i could in the next future.

Joy

Joe:Thank you! And since it is close to the time you leave, I want to also wish you a great afternoon.

JoeRoss

fabio: It looks good. Nice hook on the chart right now.

zendre

Me too. Let us see what the Turks do with the Germans

JoeRoss

Sorry everyone, but I have to go.

JoeRoss

I have a student here now.

Maria

Joe, thank you for sharing your time with us.

Joy

Bye Joe, thank you again!

zendre

Thank Joe and all!

JoeRoss

I will answer the questions when I edit the chat. Look for the answers in the chat log.

JoeRoss

Ciao

JoeRoss

Bye

fabio.it

ciao joe, i will write to you tomorrow

JoeRoss

Hasta luego

Maria

Ciao for now.

JoeRoss

And servus

Maria

Take care.

fabio.it

ciao maria hai letto?

fabio.it

ciao joy are u ok?

Next EURO Chat with Joe Ross:
Wednesday, July 2, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Time Zone: Berlin, Paris, Rome)

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